Being a Realtor in the Tampa Bay market has gotten a little more interesting lately. Of course, we are dealing with short sales on a daily basis, although the time frame with which short sale contracts take to close is lessening. However, a higher percentage of the market being Bank Owned/REO homes is exciting first time home buyers as well as investors alike (as well as Realtors that can actually see light at the end of the tunnel for their buyers.) Also interest rates, while fluctuating, are still some of the best we have seen in decades.
This all adds up to business as we have come to know it in the last few years - sift through hundreds of listings, select 20-30 to look at, write offers on 5 short sales and wait 30-90 days for the first bank approval to show up - morphing into something that resembles 2003.
Not to imply that we are in the wild-west again, but surely we need to polish up our presentations to reflect the increased interest in the market. Yes, I mean prepare your buyer to put their "highest and best offer" together on good property. The Tampa market has seen its share of distressed homes due to the short sale phenomenon, but a healthy percentage of those have now been foreclosed upon, and the banks have, in turn, repaired minor defects and replaced missing appliances and fixtures before putting them back on the market. Pair that fact with below-market pricing and buyers better be prepared to move QUICKLY!
TO LOOK FOR TAMPA BANK OWNED/REO HOMES NOW - SEARCH www.BobSellsTampa.com
In my office I have overheard conversations about buyers (and an occasional agent) underestimating the pent up desire for good homes leading to a bidding war due to (gasp!) multiple offers on a new-to-the-market property. Losing a good home for a buyer due to putting an inadequate offer in front of the seller is a lesson that no one wants to learn.
Fannie Mae's innovative First Look period also contributes to this minor frenzy by encouraging owner/occupants to submit offers and purchase properties without competition from investor offers.
The First Look period is typically the first 15 days a property is listed on HomePath.com. Properties within the First Look period now include a countdown clock on the property details page, which displays the number of days remaining for owner occupants and public entities to submit offers.
If the property remains available for sale after the expiration of the First Look period, investor offers may be submitted and will be considered along with all other offers. Are your buyers motivated by this? You bet they are - if you are!
FHA programs, USDA programs and HUD 100 programs are creating opportunity for Tampa Bay area home buyers, as a result my buyers are talking about it being their best opportunity to become homeowners in a decade - and they are right!
TO LINK TO MY WEBSITE TO START YOUR SEARCH - CLICK ON THE PAGE BELOW:
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